Pinduoduo, China’s largest agriculture-focused technology platform, has reported a year-on-year revenue increase of 239%. Pinduoduo’s financial report revealed that the platform brought in 22.17 billion RMB ($3.47 billion) in Q1, far exceeding market expectations of 20.2 billion RMB.
The platform’s consumer base has been increasing rapidly over the last year and reached 823.8 million annual active customers in Q1, a net increase of 195.7 million over the last year.
In August 2020, Pinduoduo launched grocery shopping on the platform which it has developed to become one of the core parts of the business. The platform has established itself as one of China’s main e-commerce players by targeting lower-tier (xiachen) markets. Currently, Pinduoduo has become the market leader in agricultural and food products, while Taobao and Tmall dominate clothing and daily necessities, and JD.com leads in 3C and home appliances.
Chen Lei, Chairman and CEO of Pinduoduo, has said that the platform aims to become the world’s largest agricultural and daily necessities platform. Over the next five years, Pinduoduo will continue its cooperation with local governments and agricultural institutions to support economic development in rural areas. The platform provides training programs on technology, e-commerce, finance, and marketing for farmers and even has its own Duo Duo University.
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